The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, has brought charges against Precious Chimaobi Uzondu for allegedly refusing to accept the Nigerian Naira as legal tender.
Uzondu was arraigned before Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, on Wednesday, February 5, 2025.
According to the statement released by the EFCC, Uzondu faced a two-count charge for his actions, which reportedly contravened Section 20 of the Central Bank of Nigeria Act, 2007.
It was alleged that on December 10, 2024, in Lagos, Uzondu refused to accept the Naira for the purchase of a Carter diamond bracelet, instead accepting $5,700 (Five Thousand Seven Hundred United States Dollars).
During the arraignment, Uzondu pleaded not guilty to the charges.
The prosecution counsel, Hannatu U. Kofar Naisa, requested a trial date from the court and urged for Uzondu to be remanded in a Correctional Centre pending trial.
In response, Jennifer Achinuagole, counsel to the defendant, presented a bail application, which was opposed by Kofar Naisa with a counter-affidavit and a written address.
The court, after hearing arguments from both sides, granted bail to Uzondu in the sum of N5 million, with two sureties in like sum.
The sureties are required to possess landed properties in Lagos, which will be verified by the court, and also provide an affidavit of means.
Justice Owoeye ordered the remand of Uzondu in the Ikoyi Correctional Centre pending the fulfillment of his bail conditions. The trial is scheduled to commence on April 8, 2025.
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